Plastic Compounding Industry is expected to register 5.5% CAGR between 2023 and 2032 propelled by increasing product application in the automotive sector.
Selbyville, Delaware, Dec. 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Plastic Compounding Market was estimated at USD 44 bn in 2022 and is expected to surpass a valuation of $77 bn by 2032, progressing at a CAGR of 5.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Plastics are being increasingly adopted by automotive manufacturers owing to their lightweight and inexpensive features. Manufacturers are trying to decrease vehicles’ weight by substituting plastic for metal parts and changing car designs. With consumers becoming more concerned about fuel efficiency, any weight reduction can raise sales. Additionally, regulations in western markets, such as the EU and the U.S., to reduce the weight of vehicles is a major factor escalating the usage of plastic in cars, thereby boosting the plastic compounding industry revenue through the forecast period.
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Low manufacturing cost to favor thermoplastic polymer segment expansion
Plastic compounding market is segmented based on type into thermoset polymer, thermoplastic polymer, thermoplastic elastomer, and others. Thermoplastic polymer segment held over 80% market share in 2022 and is estimated to observe notable expansion by the end of 2032. The segment is forecast to be driven by the wide-ranging applications of thermoplastic polymers across various industries owing to its low manufacturing costs, which is foreseen to impel segment uptake.
Key reasons for Plastic Compounding Market growth:
Growing construction industry
Increasing product application in the automotive sector
High demand in consumer goods packaging to foster polyethylene (PE) segment growth
Polyethylene thermoplastic polymer segment is speculated to expand at over 5.5% CAGR through 2032. Strong demand from the packaging sector is projected to boost segment revenues. Additionally, the increasing usage of polyethylene (PE) for a variety of applications, such as consumer goods packaging, automotive interiors, geomembranes, bags, and containers, including bottles, is likely to impel PE uptake in the coming years.
Growing uptake of single use plastic packaging to augment consumer goods segment share
Consumer goods application segment held over 24.5% share of the plastic compounding industry share in 2022 and is expected to grow at a steady pace throughout the forecast period due to the increased usage of single-use plastic packaging for daily consumer items. Furthermore, the growing usage of plastics in the production of home appliances and furnishing applications is expected to further propel segment revenue.
Government efforts encouraging local manufacturing to influence Europe industry landscape
Europe plastic compounding market is anticipated to be worth more than USD 17.5 billion by the end of the study timeframe. The region is home to significant corporations and well-established manufacturers operating in the plastics industry. Regional governments' efforts to promote local manufacturing will bolster business expansion. In addition, soaring product deployment in diverse end-user industries is also anticipated to promote industry growth.
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Strategic initiatives by major companies to determine the industry outlook
Plastic compounding market consists of renowned enterprises such as Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, BASF SE, Solvay SA, RTP Company, and Foster Corporation, among others. To expand their business share, these companies are engaging in strategic efforts, such as collaborations, mergers, and service portfolio expansions.
Partial chapters of report table of contents (TOC):
Chapter 5 Plastic Compounding Market, By Product
5.1 Global market insights, by product
5.2 Thermoplastic Polymer
5.3 Thermoset Polymer
5.4 Thermoplastic elastomer
Chapter 6 By End-user
6.1 Global market insights, by end-user
6.2 Consumer goods
6.3 Electrical & electronics
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